Welcome back to the second edition of my crypto faucet analysis. After my analysis of Rollercoin in the last post, I'll take a closer look at the famous Coinpot faucet network today.
Coinpot offers a microwallet that will hold Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, Dash as well as their custom Coinpot token. Coinpot also claims that you can freely convert between those currencies without any fees. Additionally, you can use your Coinpot tokens to invest in a lottery and a (provably fair, as they claim) multiplier. As the latter options depend on luck, I will not include them in my analysis here.
Coinpot has seven different faucets
Three of them will directly yield bitcoin: Bonus Bitcoin (claimable every 15 minutes), Bit Fun and Moon Bitcoin (both claimable every 5 minutes). The other four faucets are all in the style of Moon Bitcoin, claimable every 5 minutes, but feature Dogecoin, Litecoin, Dash and Bitcoin Cash instead of BTC. The reward you can claim from these faucets increases over time. However, the increase in claimable crypto becomes slower the longer you wait. An example: These are the current claim rates for Moon Bitcoin:
It doesn't take a Ph. D. in Mathematics to figure out that claiming every 10 minutes would yield the maximum payout for this faucet. All the other faucets behave similarly. On top of these values, you can get a loyalty bonus of up to 100% that rises 1% each continuous day of claiming, as well as a mystery bonus that seems to be determined at random between 0 and 100%. These bonuses are only available for the Moon faucets.
3 Coinpot tokens are earned each time you claim from any of the faucets. Additionally, you can complete challenges, e.g. claiming 100 faucets per day or using the multiplier ever so often, which will reward you with a set number of tokens.
Analysis for maximum efficient claiming
As stated above, you will earn the maximum rewards when you claim every faucet as soon as it is ready. For most faucets, this is every 5 minutes, so you can't really be busy with anything else than claiming. However, just for the sake of knowing, I computed the maximum gain per hour if you would claim every faucet as soon as it is available. I converted all the crypto currencies (including the Coinpot tokens) to BTC via the conversion rate provided by Coinpot. This analysis yielded that you can make up to 308 Satoshi per hour without the bonus mentioned above. Applying a 125 % bonus (let's assume 100% loyalty bonus and 25% mystery bonus, which seems to be the average somehow), we can get up to 381 Satoshi per hour. The values don't differ that much because most of the earnings are actually coming from the Tokens, and the bonus doesn't apply to them. Keep in mind that these values are only for one hour of claiming (no challenges).
Long term rewards
I will again provide the long term rewards as seen from two different styles of users: the casual user, who claims only once per day and the dedicated user, who spends three hours claiming with maximum efficiency each day. The casual user will earn 0.001 BTC per year. Assuming that claiming the faucets once a day takes around 5 minutes, the earning rate is 3362 Satoshi per hour. The dedicated user will earn around 0.0081 BTC per year at a rate of 736 Satoshi per hour. Note that this difference comes from the more efficient ratio of gain to effort because the casual user only empties the faucets once a day and therefore harvests more currency per claim. The dedicated user only has also one big claim per day, but continues to claim for three hours straight.
The most interesting thing to me was the following: the dedicated user can finish some of the challenges each day and will therefore be rewarded some extra Coinpot tokens. When we look at the pie chart showing the relative daily earnings of the dedicated users, it is quite obvious that these tokens make up the biggest part of the income (yellow: tokens from challenges, orange: tokens rewarded for claiming the faucets). The crypto coming directly from the faucets doesn't even add up to 50% of the total income.
To my surprise, RollerCoin actually outperforms Coinpot (0.0107 BTC vs 0.0081 BTC per year) if you are a dedicated user. However, do you really want to spend your evenings clicking random mini-games or Captchas?
One last word about exchanging currencies
I put Coinpot's promise of "conversion without fee" to the test: I converted 1000 Litoshi to Dogecoin and back. The result was 915 Litoshi. I did that quick enough so that a change in the conversion rates should be negligible. That leaves me with the result that I lost around 4,34% of my coins per conversion (8,5% after two conversions). That's not what I would call a "conversion without a fee"...
